Elon Musk hits pause on Twitter deal after aggressive pursuit

Elon Musk on Friday put his $44-billion Twitter offer on temporary hold, sending the shares of the social media company into a tailspin.

Twitter stock has consistently traded below Musk’s offer price of $54.20 per share since the announcement of the deal on April 14, wiping off over $2 billion from the company’s market capitalization.

Below is a snapshot of the Twitter takeover saga.

Development

Date Twitter share

reaction

May 13 Musk says Twitter deal on hold pending review of Drops 11 per cent

spam and fake accounts. Later tweets that he before paring

remains committed to the deal losses from

premarket

May 11 Twitter co-founder Jack Dorsey says he will not Falls ~6 per cent in

return as CEO if offered the next

session; trades

20 per cent below offer

price

May 5 Musk discloses $7.14 billion funding; sources tell Rises 4.4 per cent;

Reuters that Musk could temporarily lead Twitter trades 5.5 per cent

after deal closes below offer

price

May 2 Musk seeks to get more external investors Falls 0.8 per cent in

the next

session; trades

~10 per cent below

offer price

April 29 Musk sells Tesla shares worth over $8 billion in a Rises 2.3 per cent;

bid to finance takeover trades 7.3 per cent

below offer

price

April 25 Twitter board accepts Musk’s offer Climbs ~7 per cent;

trades 3.5 per cent

below offer

price

April 21 Musk lines up $46.5 billion in financing for the Adds 2.6 per cent, but

deal still trails

Musk’s offer by

11.5 per cent

April 15 Twitter adopts poison pill to protect company from Gains 1.4 per cent in

takeover next session;

trails offer by

13 per cent

April 14 Musk offers $54.20/share, a 38 per cent premium to Rises 6 per cent

Twitter’s April 1 closing price

April 10 Musk says he will not join Twitter board Falls 3.3 per cent

April 5 Twitter says Musk will join company’s board Rises over 9 per cent

April 4 Elon Musk discloses over 9 per cent stake in Twitter

Jumps as much

as 31 per cent

GRAPHIC: Twitter, Tesla shares react to Musk’s takeover saga https://graphics.reuters.com/TWITTER-STOCKS/klvyklxbkvg/Twitterper cent20Teslaper cent20sharesper cent20reactper cent20toper cent20Muskper cent20takeoverper cent20saga.png